Ripple crashes as France plans to make laws to regulate cryptocurrencies

In a strategic move now FRANCE’s FM announced that France will implement some new and tough regulation to curb the use of cryptocurrencies being used for illegal financial activities and dodging of tax in the country. Rising popularity of bitcoin and other cryptocurrencies like Ripple are now becoming a major concern for big economies of the world.

Previously China had banned the bitcoin and other cryptocurrencies after measuring the depth of this currencies. In INDIA, also there is concern over this issue as INDIAN FM Mr. Jaitley already answered in parliament that bitcoin or any other cryptocurrency did not hold any legal tender in INDIA. But somehow government is not in a mood to ban cryptocurrencies too government is too looking for hard regulations to curb its illegal financial activities.

South Korea to regulate Cryptocurrencies like Bitcoin and Ripple

Recently when SOUTH KOREA announced to regulate cryptocurrencies as its economy is been hit by this digital currency but later it was announced that they will not put a ban but apply strict regulations because people from the US doing arbitrage from South Korea. But effect from that announcement from South Korea hit the market badly and its essence is still present on market.

Price of ripple (XRP) came down to 75 nearly today that is on 16/01/2017. TRX is also downgraded many times.

FRANCE’s FM also said that President Emanuel macron’s government will “not cede anything” as it presses internet giants to stop using tax havens and wants Europe to be more aggressive to compete with the US and China.

FRANCE also seeking cooperation from all other countries in this matter. As this is not a national issue and a regional or national government alone cannot resolve this problem effectively as power on local or national government is limited.

European Union states and legislators to make strict rules on bitcoin and other cryptocurrencies to curb terror financing and money laundering.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Neeraj Pandey is a crypto enthusiast who writes ardently about happenings in the crypto world since 2016 and delivers his knowledge of Blockchain, initial coin offerings (ICOs) and breakdowns of the crypto world to its users relentlessly.